Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows May 1 Inventory 66 units $25 9 Sale 47 units 13 Purchase 48 units $30 28 Sale 27 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the Inventory on May 31. a. Cost of merchandise sold on May 28 b. Inventory on May 31